Aims and objective of journalising of household transaction for a month
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The Journal is an important book under the double entry system. Journal is the first book of systematic record of the financial transactions of a business. It is also extremely important for keeping records of financial transactions for any household. The literal meaning of the journal is a record of day-to-day financial transactions. The aims and objectives of journalising of household transactions for a month are as follows.
1) It is very helpful for any household to know that how much a family has spent in a particular month on various expenses, such as children's school fees, groceries, entertainment etc. Moreover, we will be able to know how much money we can save in a particular month.
2) After knowing about each and every expenditure, we will be able to understand about unnecessary expenses and we may cut down those expenses.
3) Through journalising, we can be able to keep the record of monthly financial transactions in a chronological order.
4) Journalising of monthly financial transactions can be used as a legal evidence.
5) Through Journalising, we can be able to manage our home in a more effective and efficient way.
1) It is very helpful for any household to know that how much a family has spent in a particular month on various expenses, such as children's school fees, groceries, entertainment etc. Moreover, we will be able to know how much money we can save in a particular month.
2) After knowing about each and every expenditure, we will be able to understand about unnecessary expenses and we may cut down those expenses.
3) Through journalising, we can be able to keep the record of monthly financial transactions in a chronological order.
4) Journalising of monthly financial transactions can be used as a legal evidence.
5) Through Journalising, we can be able to manage our home in a more effective and efficient way.
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Through journalising, a record can be kept of all the money spent for example on the tuition fees, entertainment, and food etc and also know the exact date of the expense made in a specific month.
We can also identify the money we are saving and also we can keep a track of unnecessary items which were not used so that we can avoid buying in the future. With the help of journalising we can manage our homes in an effective manner.
We can also identify the money we are saving and also we can keep a track of unnecessary items which were not used so that we can avoid buying in the future. With the help of journalising we can manage our homes in an effective manner.
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